Gautam Adani, Chairman of Adani Group, has issued a letter to shareholders of Sanghi Industries Limited , addressing the aftermath of Hindenburg's report from January 24, 2023, and highlighting the group's robust financial performance and ongoing infrastructure investments.

SEBI Dismisses Allegations

Adani stated that the Securities and Exchange Board of India (SEBI) has delivered a verdict dismissing the allegations against the group. This development marks a significant turning point for Adani Group, which has been under scrutiny since the Hindenburg report was released.

Strong Financial Performance

Despite the challenges posed by the Hindenburg report, Adani Group has demonstrated remarkable financial resilience:

• Portfolio EBITDA grew from ₹57,205.00 crores to ₹89,806.00 crores, representing a 57% absolute growth and a two-year CAGR of 25%.
• The Gross Block expanded from ₹4,12,318.00 crores to ₹6,09,133.00 crores, adding nearly ₹2 lakh crores.

Major Infrastructure Projects

Adani highlighted several key projects completed by the group:

• Commissioned India's first container transshipment port at Vizhinjam
• Added 6 GW of renewable capacity, including the Khavda project, which is the world's largest single-location renewable project
• Commissioned a copper smelter complex
• Expanded energy infrastructure with 7,000 circuit kms of transmission lines and 4 GW of thermal capacity

Future Commitments

Looking ahead, Adani committed to:

1. Strengthening governance standards to inspire confidence across markets and regulators
2. Accelerating innovation and sustainability efforts
3. Continuing infrastructure investments to support India's long-term growth

Chairman's Message

Adani concluded his letter with a message of resilience and determination, stating, "What was intended to hurt us has instead become a defining inflection point by fortifying our foundations, sharpening our ambition and reaffirming our responsibility to build with scale, speed and resilience for India's future."

The Adani Group's response to the Hindenburg report and its subsequent performance demonstrate the company's ability to navigate challenges while maintaining its focus on growth and infrastructure development. As India's infrastructure landscape continues to evolve, the group's projects and investments are likely to play a significant role in shaping the country's economic future.

Sanghi Industries Limited (SIL), a prominent player in the cement industry, has issued a postal ballot notice seeking shareholder approval for material modifications to its related party transactions (RPTs) with Adani Enterprises Limited (AEL), its subsidiary Adani Global PTE Limited (AGPTE), and Adani Cement Industries Limited (ACIL). The proposed changes aim to enhance operational flexibility and expand the scope of transactions without altering the overall approved transaction limits.

Modifications in Transactions with AEL and AGPTE

SIL proposes to remove the Rs. 50.00 crore sub-limit for transactions with AGPTE, while maintaining the combined limit of Rs. 750.00 crore for AEL and AGPTE. This modification is designed to provide greater sourcing flexibility for solid fuels and shared services, addressing challenges in procurement due to global macroeconomic and geopolitical issues.

The company cites operational challenges in procuring solid fuels from third-party vendors, including complex delivery terms, delays in opening letters of credit, inconsistent supply timelines, and quality issues. By leveraging its relationship with AEL and AGPTE, SIL aims to ensure a more reliable supply of superior quality solid fuels at arm's length pricing, supported by efficient logistics and delivery schedules.

Expanded Scope of Transactions with ACIL

SIL also seeks approval to expand the nature of RPTs with ACIL, which recently became a wholly-owned subsidiary of Ambuja Cements Limited, SIL's holding company. The proposed modifications include:

1. Expanding transaction types to include sale/purchase of cement, clinker, raw materials, and spare parts.
2. Availing and rendering of services through Master Supply and Master Service Agreements.

The overall limit for transactions with ACIL remains unchanged at Rs. 250.00 crore for the financial year 2025-26. This expansion aims to achieve synergies, reduce operational costs, and enhance business sustainability.

Financial Impact and Shareholder Voting

The proposed transactions with AEL and AGPTE represent 78.11% of SIL's annual turnover, while those with ACIL account for 26.04% of SIL's turnover and 196.87% of ACIL's turnover, based on FY 2024-25 figures.

Sanghi Industries has emphasized that all proposed RPTs will be conducted on an arm's length basis and in the ordinary course of business. The company has obtained an arm's length opinion from an independent external firm to support this assertion.

Shareholders can cast their votes electronically from September 23, 2025, to October 22, 2025. As per SEBI regulations, related parties of SIL are not permitted to vote in favor of these resolutions.

The proposed modifications reflect Sanghi Industries' efforts to optimize its operations within the Adani Group ecosystem, potentially leading to improved efficiency and cost-effectiveness in its cement manufacturing and distribution processes.